AIKEN, S.C., May 22, 2025 (GLOBE NEWSWIRE) -- Security Federal Corporation, parent company of Security Federal Bank, is pleased to announce that a quarterly dividend of $0.15 per share will be paid on or about June 15, 2025, to shareholders of record as of May 31, 2025. This is the one hundred thirty-eighth consecutive quarterly dividend to shareholders since the Bank’s conversion in October of 1987 from a mutual to a stock form of ownership. The dividend was declared as a result of the Bank’s continued pr ...

Core Viewpoint - Security Federal Corporation reported a significant increase in net income for the first quarter of 2025, driven by higher net interest income and non-interest income, alongside a reduction in the provision for credit losses compared to the same period in 2024 [2][4]. Financial Performance - Net income available to common shareholders for Q1 2025 was $2.6 million, or $0.81 per share, up from $1.8 million, or $0.54 per share, in Q1 2024, marking a 44.4% increase in net income [2][4]. - Total interest income rose by $514,000, or 2.7%, to $19.2 million, while total interest expense decreased by $733,000, or 8.4%, to $8.0 million [7]. - Net interest income increased by $1.2 million, or 12.5%, to $11.2 million, attributed to a rise in interest income from loans [7]. - Non-interest income grew by $122,000, or 5.3%, to $2.4 million, primarily due to increased rental income and gains from land sales [7]. - Non-interest expense increased by $205,000, or 2.1%, to $9.8 million, mainly due to higher salaries and employee benefits [7]. Credit Quality - The Bank recorded no provision for credit losses in Q1 2025, compared to a total provision of $335,000 in Q1 2024 [8]. - Non-performing assets were $7.3 million, or 0.46% of total assets, at March 31, 2025, a slight decrease from $7.6 million, or 0.47% of total assets, at December 31, 2024 [8][9]. Balance Sheet Highlights - Total assets were $1.6 billion at March 31, 2025, reflecting a year-over-year increase of $65.8 million, or 4.3%, but a decrease of $27.7 million, or 1.7%, from the prior quarter [13]. - Total loans receivable, net, stood at $689.1 million, a slight increase of $2.0 million, or 0.3%, since December 31, 2024 [13]. - Deposits increased by $21.5 million, or 1.6%, to $1.3 billion at March 31, 2025 [13]. - Common equity book value per share rose to $32.57 from $31.21 at the end of the previous quarter [13].